The French Finance Minister, M. Giscard d'Estaing, spoke to reporters in Washington on Thursday (20?
GV EXTERIOR Finance buildings
SV Giscard d'Estaing seated with Arthur Burns
SV EXTERIOR entrance to building
SV Giscard d'Estaing out of building, speaks to pressmen
Initials OS/1653 OS/1713
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Background: The French Finance Minister, M. Giscard d'Estaing, spoke to reporters in Washington on Thursday (20 May) after speaking to the President of the US Federal Reserve Bank, Mr. Arthur Burns on the unsettled world monetary situation. He said that he and Mr. Burns had agreed that a world monetary system based on a floating Deutschmark was not acceptable.
During his one-day stop-over in Washington, M. d'Estaing also spoke to the Secretary of the Treasury, Mr. John Connolly. A translation of the French is given in the commentary.
SYNOPSIS: In Washington on Thursday, the French Finance Minister, M. Giscard d'Estaing spent a day talking to American financial experts on the unsettled world monetary situation. He spoke to the Secretary of the Treasury, Mr. John Connally....and with Mr. Arthur Burns, the President of the United States Federal Reserve Bank. Afterwards, he spoke to reporters.....
M. Giscard d'Estaing said that he had discussed the international monetary system with Mr. Burns, and especially the latest developments that had shook the system. Pressed about the French position, he answered that France's attitude was well known. France wanted a stable, fixed exchange rate, as soon as possible. In this, he said, he had been encouraged by the talks. Mr. Burns also felt that a world monetary system based on a floating Deutschmark was not acceptable. The French Finance Minister was on his way to New York where he is meeting businessmen, and helping promote French exports in America.